Five Intel insiders have dumped shedloads of stock, making many wonder if they don’t believe the share price will stay that high. Five Intel insiders took advantage of a stock price near a multiyear high and sold 1,159,605 shares for $39,177,241, an average of $33.78 each, from July 16 through 21.
Chief Financial Officer Stacy Smith sold 614,432 Intel shares for $20,839,382. Regulatory filings show that Smith exercised options at prices ranging from $12.98 to $26.79, and they were set to expire April 17, 2015, at the earliest. Smith owns 186,320 shares. His most recent previous transaction was on January 30 when he sold 51,200 shares for $1.3 million.
Thomas Kilroy, executive vice president and general manager of sales and marketing, exercised options and sold his entire direct stake of 349,595 shares for $11,907,065. He continues to hold 80,972 shares through a trust for himself and his wife. Kilroy's most recent previous transaction was on June 13 when he exercised options and sold 86,400 shares for $2.6 million, an average of $29.75 each through a 10b5-1 plan.
President Renee Jo James sold 101,580 shares for $3,381,598 and William M. Holt, executive vice president and general manager of the technology and manufacturing group, sold 73,998 shares for $2,365,308. David B. Yoffie, a director, sold 20,000 of his indirect holdings for $683,886.
Intel has been doing OK lately and reported a strong second quarter and helped lift shares to a multiyear intraday high of $34.83 on July 22.
Some analysts think that the share price is too high and it will have to fall over the next year or two.